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Tillylonglegs3
January 25, 2024
Question

Sole Trader Tax Setup

  • January 25, 2024
  • 1 reply
  • 0 views

Hi everyone,

 

I'm a newbie so patience is necessary : )

 

I recently set up as a sole trader (5th Jan) and have received my first payment of £2900 on 18th Jan, which I have logged as business income. 

 

When do my tax/NI estimates start to show? I was hoping that I would be able to use Quickbooks to estimate how much money I need to put aside each month for self-assessment.

 

Probably a very simple answer but totally clueless!

1 reply

G
GeorgiaC
January 25, 2024

Thanks for reaching out on the Community, @Tillylonglegs3 

 

Your taxes are only calculated at the start of your self-employment date. Transactions before this date won't show in your Tax summary.

 

You can set up your start date and other tax info in your Tax Profile. Once this is complete, QuickBooks will use this info along with information about your business income, spending and allowable expenses to calculate your tax estimate. 

 

Get back to us below if you have any further Q's! 

T
Tillylonglegs3Author
January 25, 2024

Thank you Georgia. 

 

I have already set up my tax profile with a start date of 5th Jan. My first income is logged as the 18th Jan, so this is after the start date of my self-employment?

 

 

G
GeorgiaC
January 25, 2024

Thanks for getting back to me, @Tillylonglegs3 

 

Please note that the Tax Summary reports run from 6th April - 5th April the following year, meaning income logged on the 18th Jan 2023 will show on the Tax year 2023/24.

 

If you don't see this showing, please begin a chat so that we can take some additional account info to check this on our side. 🙂

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